UK - HSBC is set to announce changes to its defined benefit pension scheme after a consultation period with trade unions closed six weeks ago, Unite says.
HSBC accredited its decision to change its pension provision to increasing longevity and significant related costs to providing a DB scheme.
A Unite spokesperson said it was concerned over the proposals but could not comment on any amendments until the scheme's trustees had reached a decision on whether to accept the changes or not and members had been informed on any pending changes.
But HSBC said the proposals would ensure better and more secure pensions for its employees; the proposed changes include increasing the value of the bank's defined contribution scheme, of which two thirds - 58,000 employees - are members of.
The changes are set to cost the bank around £54m in additional benefits next year if implemented.
From January 2009, HSBC has proposed to increase its contribution from 6% to 8% of salary for all permanent members with an additional maximum matching contribution of 5%.
But it is the bank's DB scheme that had caused contention with Unite, HSBC claims every extra year of life expectancy adds on £340m to the scheme's liabilities.
It has injected an additional £1.3bn to the scheme to fund its liabilities over the past three years.
To ensure the long-term security of the scheme, the bank has proposed to share some of its costs with members, as the current scheme is non-contributory.
HSBC said a decision regarding its DB and DC scheme would be announced shortly.
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